Reunert company, CBI-electric low voltage, has agreed to acquire ITmatic, a leading process control and automation systems integrator headquartered in Centurion, South Africa for an undisclosed amount. The acquisition is set to accelerate growth in Africa, Middle East and Madagascar.

Reunert today reported a strong increase for its first six months in headline earnings per share of 18% to 262,7 cents per share. The performance was partly due to the company buying back 19,2 million or 9,7% of its shares. Normalised headline earnings per share increased 9% to 260,7 cents from 238,9 cents for the six months ended 31 March.

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Johannesburg - Reunert, the electronic and electrical engineering firm, yesterday suffered a 20 percent decline in headline earnings a share for the year to September as a result of R65 million losses from its associate company, Siemens Telecommunications (Sietel).